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article imageNigeria injects billions into banks, fires director

By Andrew Moran     Aug 17, 2009 in World
Nigeria's central bank has injected $2.5 billion into five big banks in the oil-producing nation and at the same time firing their managing director.
According to CNN, Nigeria's Central Bank governor will deal $2.5 billion to five of their largest banks and, during the same process, fire their managing director.
Lamido Sanusi, the Central Bank governor, told CNN, "We discovered huge amounts of bad loans that had not been disclosed. And decided that at this point in time the banks are in a grave situation.”
As most banks across the globe needed capital, Nigeria seemed to have been sheltered from the credit crunch until now.
Nigeria has been devastated with violence across the region from Movement for the Emancipation Niger Delta, an increased presence of al-Qaeda, according to United States Secretary of State Hillary Clinton and religious strife.
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